CALGARY, ALBERTA — (Marketwired) — 12/01/14 — GASFRAC Energy Services Inc. (the “Company”) (TSX: GFS) is pleased to announce the termination of a proppant supply contract particulars of which were previously discussed in the Company–s unaudited interim financial statements for the period ended September 30, 2014. The supply contract had required the purchase of material volumes of ceramic proppant in excess of the Company–s current requirements. The termination of the contract will reduce GASFRAC–s contractual expense obligations going forward. In consideration of the termination of the supply contract the Company forfeited the deposit under the supply contract and returned 3,000 tonnes of proppant to the counter party, the costs and liabilities related thereto, having been reflected in the Company–s unaudited interim financial statements as at September 30, 2014.
GASFRAC is an innovative North American based well-fracturing Company headquartered in Calgary, Alberta. GASFRAC is the sole provider of fracturing services utilizing gelled LPG fracturing technology. In addition, GASFRAC has expanded its fluid offering to include conventional fluids, in addition to a complete range of energized and waterless fluid solutions. GASFRAC offers a full complement of fracturing services and consulting expertise, while focusing on providing innovative fracturing solutions for our clients.
Contacts:
Requests for shareholder information should be directed to:
GASFRAC Energy Services Inc.
Lori McLeod-Hill
Chief Financial Officer
403-515-3377